Payments platform Square is announcing Bitcoin (BTC) as an option for merchants as its parent company Block (XYZ) jumps 10% after being added to the S&P 500.
In a new thread on the social media platform X, Block chief executive Owen Jennings says that sellers using Square can now receive the top crypto asset by market cap as a form of payment.
“Today we’re onboarding our first few Square sellers for the new native Bitcoin acceptance experience this is the way!”
Block, which was founded by former Twitter executive Jack Dorsey in 2009, recently announced that it had been added to the S&P 500, causing its stock price to rally. The firm released a statement noting that this is just the beginning for them.
Block first announced BTC payments were coming to its platform in May. At the time, the firm also said that paying with BTC would be as easy as “scanning a QR code at checkout” for customers.
Miles Suter, Bitcoin product lead at Block, said that the addition of BTC would empower merchants.
“Block has long been a champion of Bitcoin, focused on making it more accessible and usable in our everyday lives. Rolling out a native Bitcoin experience to millions of sellers brings us one step closer to that goal.
When a coffee shop or retail store can accept Bitcoin through Square, small businesses get paid faster, and get to keep more of their revenue. This is about economic empowerment for merchants who like to have options when it comes to accepting payments.”
XYZ is trading for $79.50 at time of writing, a fractional increase on the day. On July 15th, the stock was valued at $66.
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